participation in statewide pension plans by local government employees is known as a. pension fund b. retirement governmental funding c. public employment retirement system d. government pension plans
Ans: c - public employment retirement system
Public employment retirement system is system in which retirement benefits is given to employees and members of their family of public sector. In PERS public sector employees contribute part of their salary to have those retirement benefits.
participation in statewide pension plans by local government employees is known as a. pension fund b....
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
1) A state or local government’s change in fiduciary net position a) Must be reconciled with the change in net position of governmental activities in the government-wide statement of activities. b) Must be reconciled with the change in net position in the government-wide statement of net position. c) Must be reconciled with the change in net position of business-type activities in the government-wide statement of activities. d) Cannot be reconciled with the government-wide statements. 2) Fiduciary fund financial statements report...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
Which of the following is not an example of the function of a custodial fund? A. Payment of pension benefits to retired government employees B. Collection of local government sales taxes by the state government C. Collection of property taxes for the school district by an elected county government official D. Periodic distribution by the state government of county sales taxes
Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...
The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation. Receipts:Property taxes$428,000Franchise taxes43,800Charges for general government services7,000Charges for public safety services3,400Charges for health and sanitation services47,400Issued long-term note payable289,000Receivables at end of year:Property taxes (90% estimated to be collectible)105,400Payments:Salary:General government69,200Public safety41,200Health and sanitation30,000Rent:General government20,400Public safety19,200Health and sanitation4,800Maintenance:General government35,500Public safety7,800Health and...
What is vesting? a. Vesting conveys to employees the right to share in the retirement fund when the employee has reached 30 years of service. b. Vesting conveys to employees the right to share in the retirement fund when the employee has reached 62 years of age. c. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. d. All of these choices are correct.
The City of Sweetwater maintains an Employees’ Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2016, is shown here: CITY...
The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant: A. General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000. B. General long-term liabilities of the government amounted to $ 6,000,000. C. Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized...